(1) The Bank shall grant an authorisation to an applicant where -

(a) the information and evidence accompanying the application for authorisation complies with all of the requirements specified in Regulation 7,

(b) the Bank’s overall assessment, having scrutinised the application for authorisation, is favourable,

(c) taking into account the need to ensure the sound and prudent management of a payment institution, the applicant has robust governance arrangements for its payment services business, which include -

(i) a clear organisational structure with well-defined, transparent and consistent lines of responsibility,

(ii) effective procedures to identify, manage, monitor and report the risks to which it is or might be exposed, and

(iii) adequate internal control mechanisms, including sound administrative and accounting procedures,

(d) taking into account the need to ensure the sound and prudent management of a payment institution, the Bank is satisfied as to the suitability of the shareholders or members that have qualifying holdings in the applicant,